Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.160%

Price spread now: BingX against Popdex+0.068%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$226as in the Price arb table

costs, in and out, $10k−$2312.309% of the position

Long on Popdex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.479%+$48 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.068%, 7d avg +0.017%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.051% dearer against Popdex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex PONSUSDT	0.5896	0.0096	pay 0.0012% / 1h	34m 56s	$21K	$447K	20x
Short	BingX PONS-USDT	0.5900	0.0154	get 0.0077% / 4h	2h 34m	—	$3.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Popdex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PopdexbpFee BingXbpOrdersPrice spread, now +0.068%Rate

Funding earned: $12.18
Price spread: +0.068% → +0.017%: $5.08
Slippage, 4 orders: −$214.55
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$213.69
Costs to cover: 2.309%
Break-even: 129.8 days

Slippage from Popdex: live order book, 54 min ago; BingX: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Popdex live order book, 54 min ago	7.52 bp	104.3 bp −$104	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	0.86 bp	10.8 bp −$11	38.1 bp −$381	155.9 bp −$15.6K	doesn't fit

PONS on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) PONS/USD	L +0.0032% / S −0.0034%	1h	0.5891	−0.091%	$216K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0066%	1h	0.5920	+0.400%	$609	$6K	5.5x	as long as short
Popdex PONSUSDTlong	+0.0096%	1h	0.5896	long leg	$21K	$447K	20x
Bybit PONSUSDT	+0.0100%	4h	0.5895	−0.017%	$17.7M	$31.8M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0100%	4h	0.5899	+0.051%	$13.5M	$56.1M	20x	as long as short
KuCoin PONSUSDTM	+0.0100%	4h	0.5893	−0.059%	$1.7M	$3.7M	20x	as long as short
Bitget PONSUSDT	+0.0100%	4h	0.5904	+0.139%	$4.6M	$11.7M	20x	as long as short
Variational Omni PONS	+0.0100%	4h	0.5865	−0.521%	$1.3M	$4.3M	—	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5866	−0.507%	$34K	$330K	5x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5897	+0.015%	$2K	$3K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX PONS-USDT	+0.0100%	4h	0.5898	+0.039%	—	$1.4M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5896	−0.005%	$27K	$549K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5900	+0.075%	$64K	$504K	20x	as long as short
Phemex PONSUSDT	+0.0100%	4h	0.5894	−0.034%	$1.7M	$3.3M	20x	as long as short
Aevo PONS-PERP	+0.0120%	1h	0.5893	−0.047%	$367	—	3x	as long as short
Nado PONS-PERP	+0.0148%	1h	0.5895	−0.017%	$89K	$103K	5x	as long as short
Gate PONS_USDT	+0.0148%	4h	0.5882	−0.237%	$5.1M	$6.8M	20x	as long as short
BingX PONS-USDTshort	+0.0154%	4h	0.5900	+0.068%	—	$3.1M	—
MEXC PONS_USDT	+0.0160%	4h	0.5896	0.000%	$7.5M	$5.2M	20x	as long as short
edgeX PONSUSDC	+0.0163%	4h	0.5834	−1.060%	$20K	$292K	10x	as long as short
Extended PONS-USD	+0.0168%	1h	0.5900	+0.073%	$105K	$533K	5x	as long as short
Binance PONSUSDT	+0.0169%	4h	0.5901	+0.085%	$38.3M	$98.3M	20x	as long as short
Aster PONSUSDT	+0.0197%	4h	0.5892	−0.062%	$1.1M	$2.2M	20x	as long as short
Polymarket Perps PONS-USD	+0.0338%	1h	0.5897	+0.015%	$38K	$1.8M	3x	as long as short
BloFin PONS-USDT	+0.0409%	4h	0.5900	+0.068%	$1.7M	$968K	20x	as long as short
Pacifica PONS	+0.0474%	1h	0.5887	−0.147%	$47K	$103K	3x	as long as short
Hyperliquid PONS	+0.0558%	1h	0.5902	+0.095%	$59.0M	$29.9M	3x	as long as short
Lighter RH PONS	+0.0576%	1h	0.5895	−0.017%	$394K	$2.6M	3x	as long as short
Lighter PONS	+0.1056%	1h	0.5895	−0.010%	$1.7M	$881K	3x	as long as short
Phoenix PONS	+0.1275%	1h	0.5836	−1.011%	$27K	$86K	3x	as long as short